Renowned analyst in the cryptocurrency field EGRAG CRYPTO shared insights on platform X, clearly stating that $109,000 is a crucial watershed for Bitcoin's price trend.
His analysis suggests that if BTC can achieve a daily closing price above this level, it will serve as an important signal confirming the initiation of a new upward cycle, indicating that bullish forces dominate the market dynamics, creating favorable conditions for breaking historical highs.
Additionally, the current leverage ratio in the derivatives market is within a reasonable range, further supporting a sustainable upward trend.
From a risk perspective, if Bitcoin cannot maintain above this key level, market sentiment may undergo a structural shift.
The analyst recommends that investors pay close attention to changes in Bitcoin's market dominance: if BTC's dominance significantly declines amidst a collective strength in altcoins, it could likely signal a shift in market style, indicating the formation of a temporary peak, and may trigger a deep correction across the entire market.
